Review the increases to Medicare premiums and deductibles taking effect next year.
In addition to the Social Security adjustment taking effect in 2017, investors will also see adjustments to Medicare. The average monthly Medicare Part B premium in 2017 will be about $109 (compared to $104.90 for the past four years), while the standard premium is increasing from $121.80 in 2016 to $134 in 2017. Premiums are higher for those with higher taxable incomes ($85,000 for individuals and $170,000 for couples filing jointly). Below are some other Medicare numbers worth noting:
• The Medicare Part B deductible is increasing from $166 in 2016 to $183 in 2017.
• The monthly Medicare Part A premium for those needing to buy coverage is increasing from $411 in 2016 to $413 in 2017.
• The Medicare Part A deductible for inpatient hospitalization is increasing from $1,288 in 2016 to $1,316 in 2017, with additional increases to daily co-insurance amounts for stays that exceed 61 days.
• The co-insurance cost for beneficiaries in skilled nursing facilities will increase from $161 in 2016 to $164.50 in 2017 for days 21 through 100.
If you haven’t yet enrolled in Medicare, keep in mind you must do so within the seven-month period around your 65th birthday.